Real Estate Word of the Day: Lien
A lien is a legal right or interest that a lender has in another's property, granted until a debt or obligation is satisfied. In the context of real estate, a lien is often associated with mortgages, but it can take various forms.
Liens are typically recorded on the property's title, and a clouded title can complicate the sale of a property. Prospective buyers may be hesitant to purchase a property with outstanding liens. If a homeowner defaults on a mortgage, the lender may initiate foreclosure proceedings, potentially resulting in the loss of the property. Liens can affect the financial health of property owners. Unpaid debts or unresolved liens may lead to legal consequences and impact credit scores.
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